BTC challenges 9-9.5K resistance making new 7-month highs vs S&P 500
A pause for most Alts but BTC remains resilient, challenging 9.5K heading into its halving - Most cryptocurrencies paused or pulled back over the past week after rallying into resistance bands with short-term momentum peaking at overbought levels. BTC also paused but has been impressively more resilient notably over the past two days, challenging resistance between 9-9.5K as the widely anticipated May 12 halving draws near.
So what to do? While the debate regarding how BTC will react to its halving rages, our recommendation remains straight forward based on BTC’s current technical setup.
BTC remains above its tactical uptrend at its 15-dma - From a tactical standpoint, BTC is overbought short-term after punching above its widely watched 200-dma last week. However, BTC also remains in an uptrend defined by its rising 15-dma at 8.4K. Until that moving average is broken, we recommend tactical investors and traders remain long. A move above 9.5K would likely see a move to next resistance at 10.5K.
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